[DigitalToday reporter Jinju Hong] As the cryptocurrency market extends a broadly weak trend, XRP briefly fell below $1.30, seen as a key support level, further dampening investor sentiment. Bitcoin (BTC) and ethereum (ETH) are also under downward pressure after failing to regain major moving averages. The market is placing more weight on the possibility of further correction than a short-term rebound.

On July 2 (local time), blockchain outlet U.Today said XRP has continued to post lower lows and lower highs amid months-long selling pressure, recently falling to around $1.05. That is near the year’s lows.

Bearish technical signals are also continuing. After breaking down from a descending triangle pattern formed since March, XRP also lost additional support. A descending triangle is generally seen as a pattern that suggests further downside, and analysis says a similar move has played out this time as well.

The 50-day, 100-day and 200-day moving averages are all maintaining a downward slope. Assessments say it is difficult to expect a full-fledged trend reversal until it regains $1.51, where the 200-day moving average sits.

Volume also appears to be tilting toward sellers rather than buyers. Volume increased during declines, but buying failed to flow in sufficiently during rebound attempts. That is interpreted as a signal that investors are not moving aggressively to buy dips.

Still, the possibility of a short-term rebound has not disappeared entirely. The relative strength index (RSI) fell to around 35, nearing oversold territory. There have been past cases where short-term rebounds emerged around similar levels, but the market’s shared view is that RSI alone is not enough to change the long-term trend.

Bitcoin is also facing similar pressure. As a recent upward channel broke, the price was pushed down toward the lower end of its trading range, and the market is now testing support in the $57,000 to $58,000 zone.

Technically, the 50-day, 100-day and 200-day moving averages are formed around $63,000, $68,000 and $76,000, respectively, keeping the long-term trend bearish. A recent rebound attempt also turned lower again after failing to reclaim those resistance levels.

Volume trends are also adding to concerns. The largest volume over the past few weeks occurred during declines rather than advances. Some dip-buying was seen in the low $60,000s, but it was not enough to change the trend. The market is pointing to $52,000 as the next major support zone if the current support breaks. With RSI also down to around 35, the possibility of a short-term rebound remains alongside the risk of a breakdown.

Ether has also failed to break out of a weak trend. After a recent rebound attempt failed, the price fell back to around $1,600, and a falling wedge pattern formed in April and May ended with a downside break rather than an upside breakout.

Ether is currently trading below its 50-day ($1,690), 100-day ($1,850) and 200-day ($2,280) moving averages. As a result, regaining $1,690 is seen as the most important near-term inflection point.

Still, some analysis says ether is showing relatively stronger resilience compared with other major cryptocurrencies. That is because buying flows in whenever the price approaches support areas, and volume is holding relatively steady. RSI is also showing weakness at around 38, but assessments say it is still difficult to view the situation as an extreme capitulation phase.

Ultimately, the key takeaway from this market check is that while all three assets remain in bearish trends, the nature and conditions of any rebound differ. For XRP, it is difficult to discuss a trend reversal until it regains $1.51. For bitcoin, whether it holds $57,000 to $58,000 support is seen as a variable that will determine the next downside move. For ether, whether it can reclaim $1,690 remains the inflection point that will decide near-term direction.